Wall Street analysts forecast that Medtronic PLC (NYSE:MDT) will report sales of $7.41 billion for the current fiscal quarter, according to Zacks. Ten analysts have provided estimates for Medtronic’s earnings. The lowest sales estimate is $7.37 billion and the highest is $7.57 billion. Medtronic posted sales of $7.38 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.4%. The firm is scheduled to announce its next earnings results on Tuesday, August 20th.
According to Zacks, analysts expect that Medtronic will report full-year sales of $31.44 billion for the current fiscal year, with estimates ranging from $31.35 billion to $31.81 billion. For the next financial year, analysts expect that the company will report sales of $32.88 billion, with estimates ranging from $32.66 billion to $33.07 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Medtronic.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. Medtronic’s revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.42 EPS.
A number of brokerages recently commented on MDT. Barclays dropped their price target on shares of Realogy from $9.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. UBS Group lowered their target price on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Northland Securities assumed coverage on shares of THUNDER BRDG AC/SH SH in a research note on Thursday, June 20th. They issued an “outperform” rating on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $121.00 target price on shares of Medtronic in a research note on Monday, May 27th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $105.76.
In other news, SVP Carol A. Surface sold 9,000 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $97.66, for a total value of $878,940.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 52,664 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the completion of the sale, the executive vice president now directly owns 95,337 shares of the company’s stock, valued at $9,294,404.13. The disclosure for this sale can be found here. In the last three months, insiders sold 81,664 shares of company stock worth $7,896,623. Insiders own 0.28% of the company’s stock.
Several large investors have recently bought and sold shares of MDT. Norges Bank purchased a new stake in shares of Medtronic in the 4th quarter worth about $1,120,279,000. BlackRock Inc. lifted its position in shares of Medtronic by 7.9% in the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after purchasing an additional 7,856,946 shares during the period. Nordea Investment Management AB lifted its position in shares of Medtronic by 35.4% in the 1st quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after purchasing an additional 2,255,412 shares during the period. American Century Companies Inc. lifted its position in shares of Medtronic by 23.0% in the 4th quarter. American Century Companies Inc. now owns 9,746,733 shares of the medical technology company’s stock worth $886,563,000 after purchasing an additional 1,821,093 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Medtronic by 10.2% in the 4th quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock worth $1,515,557,000 after purchasing an additional 1,538,130 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.
Shares of MDT stock traded up $0.84 during trading on Thursday, reaching $99.69. 2,875,722 shares of the company’s stock traded hands, compared to its average volume of 5,653,726. The company has a market capitalization of $132.39 billion, a P/E ratio of 19.10, a P/E/G ratio of 2.52 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The stock has a 50-day moving average price of $96.37. Medtronic has a 1 year low of $81.66 and a 1 year high of $100.15.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Monday, July 8th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is 41.38%.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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